Can't pay taxman? IRS tips for handling tax bills

You've just done the math on your tax return and it doesn't look pretty. In fact, your
calculations show you owe the government money. Worse, you can't cover even a portion of the bill
that's due.

What do you do?

The Internal Revenue Service says the most important thing is to file your return on time, even
if you can't pay. That way, you won't get hit with a penalty for filing late.

The IRS also says pay what you can when you file or see if you can take out a loan to cover the
debt since that could be cheaper than what the IRS charges for interest and penalties. And if you
know you're in trouble, reach out to the IRS to set up a payment plan.

Most importantly, don't ignore the tax bill from the IRS. That can lead to the IRS taking
collection action against you.